CO129-401 - Governor Sir May - 1913 [5-6] — Page 318

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ent of yiqar ni uw sunsovod yd mazgeles aid mort Jomeră

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wd to Jiwesos 11. Ju giessum noli ‚I ¤, que ati Tol

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-yon ni 000,001% „nośneɔ ri boslar yenon and obiger 8Å„BeJon

Bahn ngo sa vylul indef and no mixel of bebiswiol new sodon gnod-

for its remittance being 81.000. Again on the 18th. (July) I

appropriated to the Governor of Foochow a sum of $100,000 in sil-

-ver dollars, which together with the expenses for its remittance

cost $107,732.35 in sub coins. Therefore the sums of money appropriated in aid of Pekin and Fukien totalled 8627,350 odd in

Hongkong notes and $100,000 in sub coins. In addition to all the

Hongkong notes thus borrowed and remitted to you I purchased to remit to Pekin some more Hongkong notes to the amount of $205,000

odd at the current discount on Canton notes of 298 for every

81,000 in Hongkong notes purchased, thus consuming 8266,000 odd

in Canton notes. Since at that time the Treasury had only $74,000

odd in sub coins and $520,000 in Canton notes and since further

the value of Canton notes had fallen to such extent that the

exchange value was $330 odd for every $1,000 Canton notes exchanged

for Hongkong notes, I, fearing that if further appropriation of the

limited funds we had in hand were made to you, a serious financial

panic would be caused, telegraphed to you an explanation of all the

particulara and therefore the remittance of the money in question was put off. Then September came without much rise in the value of

Canton notes, but the term for some of the loans expired; and

since the (Canton) Government should not break its promise, a sum

of 8438,000 odd in Hongkong notes including interest was repaid,

which amount was equal to $55,000 odd in Canton notes, the exchange

value being $260 for every 81,000 Canton notes exchanged for Hong- -kong notes. Further $186,000 in sub coins was consumed in re- -payment of the loans due which were made to the Government in sub coins, including the necessary interest. Thus it is clear that after the remittance of the funds in question to Pekin and Fukien and the repayment of the loans due to the various merchants, the receipts fall short of the payments by $140,000, which was to be paid out of the funds of the Canton Treasury. Again besides the loans made to us in Hongkong notes and sub coins which we have now repaid, we are still owing to the various merchants in Canton and Hongkong some loans of sub coins to the amount of $790,000 odd, on which the necessary interest will amount to $380,000 when the term